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Studio · 433 sqftMAG 318 Tower, Business Bay · 15th floor · completed 2020

1506, MAG 318 Tower

Sold prices and rental history: sold twice, last in March 2023, and rented continuously since 2021. Every registered sale and contract is below; today's estimate is free after a one-time verification.

Unit 1506 · DLD and Ejari recordsUpdated 1 April 2024
Last soldAED 890K13 March 2023
Current rentAED 79K /yr1 April 2024
Estimated yieldfree after one verification
Today's valuefree after one verification
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Property timeline for 1506, MAG 318 Tower

What is 1506 worth today?

Last sold for AED 890,000 in 2023

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1 Apr 2024RentedNew contract
AED 78,750/yr12 months · AED 183 per sqft
21 Mar 2023RentedNew contract
AED 75,000/yr12 months · AED 174 per sqft
13 Mar 2023SoldReady
AED 890,000AED 2,055 per sqft
23 Feb 2022RentedNew contract
AED 65,000/yr12 months · AED 150 per sqft
28 Jun 2021RentedNew contract
AED 55,000/yr12 months · AED 128 per sqft
24 Feb 2021Sold by developerReady
AED 550,000AED 1,270 per sqft

Source: Dubai Land Department. Updated 1 April 2024.

Key facts

Type
Studio apartment
Size
433 sqft
Floor
15th of 22
Parking
P1-39
Developer
MAG
Completed
2020
Service charge
AED 10,000 /yr
Last sold
AED 890K · March 2023
Building
MAG 318 Tower

About 1506, MAG 318 Tower

1506 is a studio of 433 sqft on the 15th floor of MAG 318 Tower, a 22-storey tower in Business Bay completed in 2020 by MAG. It last sold on 13 March 2023 for AED 890,000, or AED 2,055 per sqft, in line with the AED 2,032 studios in the building were fetching at the time.

It has been rented continuously since 2021 on 4 Ejari contracts. The current contract, signed on 1 April 2024, is AED 78,750 a year: a gross yield of 8.8% on the 2023 price, before the service charge of about AED 10,000 a year.

Sales and rents for 1506 over time

Sales
Unit 1506, each saleTypical studio in MAG 318 Tower
500K750K1M2017202020232026Typical sale price by year: 2017 AED 776,165; 2018 AED 787,488; 2019 AED 791,651; 2020 AED 870,514; 2021 AED 750,000; 2022 AED 850,000; 2023 AED 945,000; 2024 AED 1,030,000; 2025 AED 1,077,500; 2026 AED 995,000Sold by developer, February 2021: AED 550,000 (AED 1,270 per sqft)Sold, March 2023: AED 890,000 (AED 2,055 per sqft)

1506 has sold twice; the dashed line is the studio median of each year in the building.

Rents
Unit 1506, each contractTypical studio in MAG 318 Tower
60K80K2021202320252027Typical rent by year: 2021 AED 52,000; 2022 AED 64,465; 2023 AED 70,000; 2024 AED 75,000; 2025 AED 75,000; 2026 AED 60,000New contract, June 2021: AED 55,000 a yearNew contract, February 2022: AED 65,000 a yearNew contract, March 2023: AED 75,000 a yearNew contract, April 2024: AED 78,750 a year

Annual rent on each registered contract; the dashed line is the studio median of each year in the building.

Studios in MAG 318 Tower, and where 1506 sits

All 316 studios →

1506 last sold in March 2023 at AED 2,055 per sqft, in line with what studios in MAG 318 Tower were fetching at the time (AED 2,032). Over the last 12 months studios sold for AED 850,000 to 1,160,000, around AED 2,387 per sqft, and rent for AED 50,000 to 120,000 a year. 1506's AED 78,750 is in the lower half of that range.

Recent studio salesUnit no.Price (AED)Summary
22 Oct 2026850,000
27 Aug 2026920,000
7 Aug 2026850,000
21 Jul 2026850,000
21 studio sales in the last 12 months

MAG 318 Tower

Building

439 apartments, studios to 2-bed over 22 floors in Business Bay, completed in 2020 by MAG. 27 sold in the last 12 months.

Typical price per sqft
AED 2,286 Down 5.7%
Typical sale
AED 1.08M
Typical rent
AED 78K /yr
Typical yield
6.1%
MAG 318 Tower, Business Bay: prices, sales and rents →

Other units on the 15th floor

All 439 units in MAG 318 Tower
Value
15011-bedAED 1.5M · Nov 2019
15022-bedAED 1.88M · Aug 2024
1503StudioAED 760K · May 2019
1504StudioAED 1.08M · Nov 2025
1505StudioAED 1M · Apr 2024
1507StudioAED 823K · Feb 2019
1508StudioAED 750K · Oct 2021
1–7 of 23

1506, MAG 318 Tower in numbers

  • Sold twice: first on 24 February 2021 for AED 550,000, last on 13 March 2023 for AED 890,000 (AED 2,055 per sqft).
  • Rented since June 2021 on 4 Ejari contracts, from AED 55,000 to AED 78,750 a year.
  • At AED 78,750 a year the gross yield on the 2023 price is 8.8%, before a service charge of about AED 10,000 a year (AED 23.06 per sqft).
  • Studios in MAG 318 Tower sold for AED 850,000–1,160,000 in the 12 months to November 2026; the building's median across all types is AED 2,286 per sqft.

Source: Dubai Land Department. Updated 1 April 2024.

Questions about 1506, MAG 318 Tower

What did unit 1506 last sell for?

AED 890,000 on 13 March 2023: AED 2,055 per sqft for 433 sqft. The unit has 2 registered sales; the first was AED 550,000 in February 2021.

What is the rent for unit 1506?

AED 78,750 a year on the contract signed on 1 April 2024. The previous contract, from March 2023, was AED 75,000; the unit has been rented since June 2021.

How big is unit 1506?

433 sqft (40.2 sqm): a studio on the 15th floor of a 22-storey tower completed in 2020.

What is unit 1506 worth today?

The YallaValue estimate is updated daily and free after a one-time verification by WhatsApp, email or Google. Studios in MAG 318 Tower sold for AED 850,000 to 1,160,000 in the last 12 months, around AED 2,387 per sqft.

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Mortgage on 1506, MAG 318 Tower

Starts from the last sale price (AED 890K, 13 March 2023). Switch to today's estimate once you have unlocked it.
Price
AED 890,000
Deposit, UAE resident (20%)
AED 178,000
Deposit, non-resident (40%)
AED 356,000
Monthly over 25 years at 3.7%
AED 3,641

Plus the 4% Dubai Land Department transfer fee and about AED 5,000 of registration and trustee costs. Full mortgage calculator →